Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Jan. 1 Inventory 17 units at $33 $561 Aug. 13 Purchase 14 units at $35 490 Nov. 30 Purchase 4 units at $36 144 Available
Jan. 1 Inventory 17 units at $33 $561 Aug. 13 Purchase 14 units at $35 490 Nov. 30 Purchase 4 units at $36 144 Available for sale 35 units $1,195
There are 17 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (a) first-in, first-out (FIFO) method; (b) last-in, first-out (LIFO) method; and (c) weighted average cost method (round per-unit cost to two decimal places and your final answer to the nearest whole dollar).
a. | First-in, first-out (FIFO) | $fill in the blank 1 |
b. | Last-in, first-out (LIFO) | $fill in the blank 2 |
c. | Weighted average cost | $fill in the blank 3 |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started